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HELOC Application Fee Disclosure
- $300 application fee – Can be waived if initial loan advance is $7,000 or more and you maintain a $1,000 balance the first 12 months. Application fee is due when the application is submitted.
- Maximum loan term of 15 years
- 5 year draw period
- Variable interest rate tied to the Prime Rate published in the Wall Street Journal – interest rate is scheduled to change semi-annually (February & August)
- $1,000 initial advance minimum; $500 minimum advance thereafter- 6 advances allowed per year
- Minimum interest rate is 5%, Maximum interest rate is 18%
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